Make a payment

If you received an invoice payable directly to your insurance company, or you have a monthly payment schedule, this means you are on company billing, and you pay the insurance company directly. If you received an invoice with our brokerages letterhead and payable to us, this means you are on broker billing. With broker billing, you remit payment directly to our brokerage (instructions on the invoice), and then we pay the insurance company on your behlf minus our commission percentage.

Monthly credit card payments are not common in the insurance industry. Only Economical Definity has this option. However, most of our markets can accommodate monthly payments directly withdrawn from your bank account.

Typically we just need to see proof of the new bank account, via a VOID cheque or pre-authorized debit form. Please contact us with those details and we’ll happily advise the next steps in this process.

When we calculate the premium amount for your policy, it’s based on a specific term and your payments are set up accordingly. When your policy is cancelled early, we’ll calculate the remaining premium you owe on a “short rate” basis (these rates are governed by statutory conditions and are registered with the government). The amount you’ll owe is based on the cancellation date and the actual number of days your policy was in force.

For a missed payment due non-sufficient funds (NSF), typically the insurance company will attempt a second withdrawal a few days later. If this does not occur, our brokerage will receive a notice advising if the policy can be reinstated, how much premium is due, and the due dates. If you realize there was a missed payment, the best approach is to contact us to let us know so we can be prepared. Otherwise, you will receive a notice from the insurance company, and most likely a courtesy communication from our brokerage.

Please contact us at our brokerage. There is no straightforward answer to this question, as each insurance company handles this differently. Some insurance companies allow mid-term payment plan changes, whereas others need to do this at renewal or right before. To change the withdrawal date each month or the bank account, this is something we can accommodate, but the timing of the schedule might present an issue. Further inquires with the insurance companies billing department will be required.

For vehicle insurance in Ontario, you are allowed two missed payments per term (year), and the third missed payment is the final one with no option to reinstate coverage. If you receive a third and final missed payment, please be advised that the policy will be cancelled for non-payment and this will show on your permanent insurance record. It will impact your ability to obtain insurance in the future, and your rates will increase as a result. The rate increases for non-payments can often be as high as an at-fault accident.

For property insurance, typically insurance companies will allow 1-2 missed payments per year, before the policy is cancelled permanently. Property insurance is regulated differently then vehicle insurance, so not all insurance companies have to follow the exact same procedures for cancellations.